Technical Analysis & Forecast October 03, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_23-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> Sustains a Downtrend: Insights into <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>, <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, Brent, and S&P 500</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-18277" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/EURUSDH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has undergone a downward movement to 1.0500. Currently, the market is within a consolidation range and, if it breaks downwards, it will continue the downward <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a> to 1.0408. After reaching this level, a correction to 1.0500 (with a test from below) cannot be ruled out. Subsequently, a decline to 1.0383 is expected following the trend. This represents a local target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-18278" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/GBPUSDH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has experienced a decline to 1.2085. Presently, the market is in a consolidation range around this level. Today, if it breaks downward, it will continue with a wave to 1.2035. In case of a breakout below this level, the potential for a decline to 1.1955 could manifest. This serves as a local target.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-18279" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDJPYH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is extending its upward wave to 149.94. A subsequent decline to 149.46 is anticipated. Currently, a consolidation range is forming around this level. An upward breakout could lead to a wave up to 150.40, from where the trend might proceed to 150.90.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-18280" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/USDCHFH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has successfully completed a growth wave to 0.9191. The market is now within a consolidation range around this level. An upward breakout to 0.9222 is expected, followed by a decline to 0.9191 (with a test from above). Following this, a wave of growth to 0.9272 is predicted. This represents a local target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-1.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-18281" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/AUDUSDH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has concluded a declining wave at 0.6360. A consolidation range has been established around this level, and the quotes are continuing the downward trend to 0.6290, breaking out of the range downwards. From here, the trend might extend to 0.6216.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-1.png" alt="BRENT" class="wp-image-18282" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/BRENTH4-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>BRENT</figcaption></figure><p>Brent has corrected to 89.33. A consolidation range may form above this level. If it breaks out upwards, the quotes could extend the wave to 96.96. This is a local target. After reaching this level, a correction to 92.70 is possible, followed by a rise to 104.00.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-1.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-18283" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/XAUUSDH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has wrapped up a declining wave at 1833.00. Currently, the market is within a consolidation range around this level and is extending the decline to 1785.85 with a downward breakout. After reaching this level, a correction to 1833.00 (with a test from below) might occur. Subsequently, a decline to 1743.00 is anticipated.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1592" height="705" src="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-1.png" alt="S&P 500" class="wp-image-18284" srcset="https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-1.png 1592w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-1-360×159.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-1-768×340.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/10/US500CashH1-1-1536×680.png 1536w" sizes="(max-width: 1592px) 100vw, 1592px" /><figcaption>S&P 500</figcaption></figure><p>The stock index is persistently forming a consolidation range around 4280.0. A downward breakout could extend the wave to 4226.0. This is a local target. Following this, a rise to 4280.0 might occur (with a test from below), followed by a decline to 4040.0. This represents a local target.</p>
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